Rocky Gap, Virginia Property Taxes
The median property tax rate in Rocky Gap, VA is 0.60%, significantly lower than both the national median of 0.99% and Virginia's state median of 0.89%. With a median home value of $88,000 in Rocky Gap, the typical annual property tax bill is $534, which is well below the national median of $2,690. Property taxes in Rocky Gap are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Rocky Gap's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Rocky Gap or another part of Bland County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rocky Gap, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$528
Ownwell’s Rocky Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rocky Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rocky Gap to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Rocky Gap, Virginia
Property taxes in Rocky Gap, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rocky Gap is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Rocky Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rocky Gap estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Rocky Gap's effective property tax rate to other counties in Virginia and the national median. For comparison, the 24366 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Rocky Gap provides valuable insights into the varying tax landscape across Bland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rocky Gap Tax Rate
0.60%
Average Bland County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rocky Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24366 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Rocky Gap, Virginia
In Rocky Gap, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bland County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Rocky Gap, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Rocky Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rocky Gap is $88,000, and the median tax bill is $534.00 in the 24366 zip code, which is both the highest and lowest in the area.
Average Rocky Gap Assessed Value
$88,000
Average Bland County Assessed Value
$87,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rocky Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24366 | $22,180 | $55,225 | $88,000 | $140,875 | $209,850 |
Source: Ownwell
Property Tax Bills Across Rocky Gap, Virginia
In Rocky Gap, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the Bland County tax assessor. The median home price in Rocky Gap is $88,000. The local tax rate is then applied to this assessed value to compute the annual property tax bill. Factors influencing the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Rocky Gap can expect a range of tax bills. For instance, the tax bill at the 25th percentile is approximately $331, while at the 75th percentile, it rises to around $846. At the 90th percentile, homeowners might pay as much as $1,260. Comparatively, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates stack up against the broader national landscape. These tax obligations play a significant role in the overall cost of homeownership, impacting monthly budgets and long-term financial planning for residents.
Average Rocky Gap Tax Bill
$534
Average Bland County Tax Bill
$528
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Rocky Gap, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24366 | $133 | $331 | $534 | $846 | $1,260 |
Source: Ownwell